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to play that debt ceiling game, or i'm not going to negotiate cuts with the debt ceiling. republicans say, well, they are -- they're going to demand cuts, or they won't raids the debt ceiling -- raise the debt ceiling. this is the frustration among conservatives, that the cuts always come later, they don't come now. and that's why there are going to be a lot of no votes from house republicans. rick: i remember president bush's second term statement that he had collected political capital, and he intended to use it. on the president's side here, how much political capital has he spent on this deal right now? >> well, he certainly spent some. he's going to spend a lot on immigration reform. that's going to be a very difficult fight. he also wants to move energy and gun control. i doubt he has the votes on any major gun control effort, but that's going to move very quickly early next year. so i think he spent some. the polls indicate he's in good standing now -- rick: right. >> but republicans say he's at the highest standing he will be probably for the rest of his term and,
to play that debt ceiling game, or i'm not going to negotiate cuts with the debt ceiling. republicans say, well, they are -- they're going to demand cuts, or they won't raids the debt ceiling -- raise the debt ceiling. this is the frustration among conservatives, that the cuts always come later, they don't come now. and that's why there are going to be a lot of no votes from house republicans. rick: i remember president bush's second term statement that he had collected political capital, and...
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Jan 9, 2013
01/13
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they have to make it up in the fiscal debt ceiling increase. they have to insist on spending cuts. what it means is having lost once on december 31st, they are tougher to negotiate the next time around. >> they always said it would come to a political game with the chicken or the debt ceiling. >> correct. >> see you soon. >> got breaking news right now. stunning news coming into the cnbc newsroom. what is it? >> for the third time since 1965, baseball writers of america did not elect a single person into the baseball hall of fame. this a big deal because a lot of players associated with the steroid jer gentleman were up. i want to give people percentages here. barry bonds received 36.2% to get in. roger clemens, mark mcguire 16 ppt 9 and sammy sosa 12.5%. shock numbers there. the closest to get in is craig bijo. 68% plus. in terms of the order. so none of those players talking clemens, and barry bonds and sammy sosa even in the top six. back to you. >> tainted era. >> yes it is. >> thank you very much. before we go to break, check out thing that makes you go hhmmmm. a new survey sh
they have to make it up in the fiscal debt ceiling increase. they have to insist on spending cuts. what it means is having lost once on december 31st, they are tougher to negotiate the next time around. >> they always said it would come to a political game with the chicken or the debt ceiling. >> correct. >> see you soon. >> got breaking news right now. stunning news coming into the cnbc newsroom. what is it? >> for the third time since 1965, baseball writers of...
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as he prepares to battle with congress over the national debt ceiling but he wants congress to raise the debt limit. lawmakers threatened inaction on that and credited rating was downgraded. >> as i said earlier this week, one thing i won't compromise is congress should pay for a tab they already racked up. if congress refuses to give the ability to pay bills on time, global economy could be catastrophic. last time they threatened this action our entire economy suffered for it. >> katie: the republican response by michigan congressman dave kemp, it's i'm to identify responsible ways to tackle wasteful spending. >>> white house officials say president obama is expected to nominate chuck hagel of nebraska to be defense secretary. >> the scandal over hidden cash has taken a new turn with release of a scathing report. it turns out the money was hidden for more than 12 years. capitol core dental nannette miranda explains. >> 70 state parks were scheduled to shut down last summer because of budget shortfalls but just as the closures were about to happen a surplus of $54 million was found h
as he prepares to battle with congress over the national debt ceiling but he wants congress to raise the debt limit. lawmakers threatened inaction on that and credited rating was downgraded. >> as i said earlier this week, one thing i won't compromise is congress should pay for a tab they already racked up. if congress refuses to give the ability to pay bills on time, global economy could be catastrophic. last time they threatened this action our entire economy suffered for it. >>...
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Jan 12, 2013
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just pass the debt ceiling. no spending. >> do whatever it takes. apparently the hurdle is some legality. not whether it's a good idea, not whether it calls into question the independence of the central bank, the independence of whether the treasury will now have the new power to print money whatever it has. as long as it's legal. let me tell you. of all these options, the magic coin option, the 14th amendment may be the worst option. it will be challenged in court. the court moves forward. you end up with two classes of u.s. debt, one which people have a lot of confidence in, then this different class of debt which was created under this who knows what new legal authority that they found. >> this is the point. let me go right. the i.o.u. this is interesting. edward klinebard, former chief of staff at the congressional joint committee on taxation is now teaching law at the university of southern california. now, he says that congress has constitutional authority to raise the debt and only the congress. but he has his own banana republic plan where h
just pass the debt ceiling. no spending. >> do whatever it takes. apparently the hurdle is some legality. not whether it's a good idea, not whether it calls into question the independence of the central bank, the independence of whether the treasury will now have the new power to print money whatever it has. as long as it's legal. let me tell you. of all these options, the magic coin option, the 14th amendment may be the worst option. it will be challenged in court. the court moves...
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Oct 12, 2013
10/13
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raise the debt ceiling, reopen the parts ofhe government that are closed and included spending cuts and mandatory health care cu as well. house republicans say they' waing for a response from the white house on all of this. right now you have this sense in washington where their rhetoric has been gile down. folks in the house are letting the negotiators for congressional leaders and the3 white house talk this one out. there's a separate track going on in the scent. aumber of republica floating their own plans looking for democrats to sign on boa which would close or open the governme for another year or fund the government for another year, raise the debt ceiling for short-term in the medical device tax and health care law. the number of proposals floating around that these white house house republican negotiations arally the pmary track right here. iting to see. i have to tell you, democrats and republicans have been stuck on issues of taxes, revenues, government spending for years now. there are some certain things that they ccn do within that where they sort of agree and ll be willin
raise the debt ceiling, reopen the parts ofhe government that are closed and included spending cuts and mandatory health care cu as well. house republicans say they' waing for a response from the white house on all of this. right now you have this sense in washington where their rhetoric has been gile down. folks in the house are letting the negotiators for congressional leaders and the3 white house talk this one out. there's a separate track going on in the scent. aumber of republica floating...
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Sep 13, 2013
09/13
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on the debt ceiling are boehner indicated he needs cut as big as the debt ceiling and that isn't going to happen either. it's easy to see the finish line and easy to see republicans know it would be harmful for their party but they're not sewure ho to avoid it. >> can you always say what john says, which is we get a deal ultimately that funds the governments are raises the debt ceiling. but you've got at least 40 republicans in the house right now who are only willing to pass something off the house floor that defunds obama care. you have a white house that under no circumstances that is going to agree to cuts to obama care. you have democrats in the house and senate who not only don't want to touch obama care but think we should get rid of the sequester, add more spending back. the path to get from where we are now, the complete catastrophe mess we are in now to funding the government and raising the debt ceiling, it's hard to see how to get there. republicans look at the numbers and say americans don't want to raise the debt ceiling. i think it's because americans don't stand what th
on the debt ceiling are boehner indicated he needs cut as big as the debt ceiling and that isn't going to happen either. it's easy to see the finish line and easy to see republicans know it would be harmful for their party but they're not sewure ho to avoid it. >> can you always say what john says, which is we get a deal ultimately that funds the governments are raises the debt ceiling. but you've got at least 40 republicans in the house right now who are only willing to pass something...
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Jan 8, 2013
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he talked about going over the debt ceiling. shutting down the government. said that we need to do what republicans did in 1995 is just shut the whole thing down, stand by our principle demand spending cuts. >> bill: we have that bite. so here's senator ted cruz, republican from texas new tea party leader as to what we should do -- what republicans should do when it comes to the debt ceiling. >> there was some political cost to be paid but at the end of the day, because republicans stood strong in 1995, we saw year after year of balanced budgets and some of the most fiscally possible policies congress has produced in the modern era. if we stand strong, we can do that again and it just comes down to republicans, are we willing to stand strong and face the wrath of the mainstream media criticizing us and the president saying nasty things about us. >> bill: now, is he just an idiot or a liar. the thing is yeah, newt gingrich shut down the government in 1995. how did that work out? newt gingrich got tossed out. republicans lost control of the house. and yeah, we
he talked about going over the debt ceiling. shutting down the government. said that we need to do what republicans did in 1995 is just shut the whole thing down, stand by our principle demand spending cuts. >> bill: we have that bite. so here's senator ted cruz, republican from texas new tea party leader as to what we should do -- what republicans should do when it comes to the debt ceiling. >> there was some political cost to be paid but at the end of the day, because republicans...
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Jan 15, 2013
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. >>> the president talked forcefully he will not negotiate about the debt ceiling. let me play what one of your republican colleagues told me about that yesterday. >> would you be willing if you don't get the cuts that you think are necessary, would you be willing to go into default or shut down the government? >> i think there is a way to avoid default, if it requires shutting down certain portions of the government, let's like at that. >> are you worried about a shutdown or worse, are you worried about default? >> i'm worried about both. default is like saying i ran up my credit card and now i'm not going to pay you it's going to be bad for the united states. i think we need to pay our xwils. that's the first thing. with respect to shutting down the government so we save money. we know anytime we shut down the government, we actually spend more money in the long run. i do believe we need or national parks or rangers there. i do believe that it is important for us to ramp up our transportation to fill those potholes, to make those connectors, to give money to am tr
. >>> the president talked forcefully he will not negotiate about the debt ceiling. let me play what one of your republican colleagues told me about that yesterday. >> would you be willing if you don't get the cuts that you think are necessary, would you be willing to go into default or shut down the government? >> i think there is a way to avoid default, if it requires shutting down certain portions of the government, let's like at that. >> are you worried about a...
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Feb 6, 2013
02/13
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if you lost track of the debt ceiling and budget battles t came out of the debt limit deal. it was the white house's idea to hold washington's feet to the fire. the cuts were never supposed to happen. the committee that replaced them failed and at the start of the ewe near, the deal triggered even further until march 1st. we are faced with the looming cuts a few weeks away that boiled down to $85 billion that will be slashed by this fall if nothing happens. the focus has been on the cuts and the entire $1.2 trillion will be a 50-50 defense between defense and spending. to put us into perspective is the center for social inclusion. the sequester was designed to be something that would never happen. prot expect would scare washington into coming out with something else. there sounds out of washington, particularly from republicans that they might be okay with nothing happening and sequester being triggered. half is defense and half non-domestic discretionary spending. can you explain to people what would be cut if the sequester goes into effect. >> it's a pleasure to be here.
if you lost track of the debt ceiling and budget battles t came out of the debt limit deal. it was the white house's idea to hold washington's feet to the fire. the cuts were never supposed to happen. the committee that replaced them failed and at the start of the ewe near, the deal triggered even further until march 1st. we are faced with the looming cuts a few weeks away that boiled down to $85 billion that will be slashed by this fall if nothing happens. the focus has been on the cuts and...
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Feb 6, 2013
02/13
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ceiling negotiations a year and a half or a couple of years ago, half of those domestic cuts/across the board and halves defense programs, what would it mean to the defense budget or to the pentagon or to our active military today? >> if you listen to current defense secretary leon panetta, sequestration would be cataclysmic for the pentagon. the pentagon would have very little jurisdiction, contractors in the industry. there would obviously be furloughs, lay-offs and very little ability to plan ahead for how to run their businesses particularly when we keep having these two-month delays. we dealt with this issue of sequestration right before the end of the year. now heading up to march 1st and we are dealing with it again. it leaves very little ability for the especially small contractors to plan. that said at a time republicans are saying that the president has not -- the president, senate democrats have not offered a real plan to fix sequestration which they say is something, a situation the president created and they think he needs to own up for it. republicans told us yesterday
ceiling negotiations a year and a half or a couple of years ago, half of those domestic cuts/across the board and halves defense programs, what would it mean to the defense budget or to the pentagon or to our active military today? >> if you listen to current defense secretary leon panetta, sequestration would be cataclysmic for the pentagon. the pentagon would have very little jurisdiction, contractors in the industry. there would obviously be furloughs, lay-offs and very little ability...
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Sep 12, 2013
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ceiling and where to cut government spending. the next guest is proposing an amendment that exempts the defense department from sequestration if the u.s. strikes in syria. u.s. senator james inhofe of oklahoma joins us this morning from washington. senator, it's great to see you. good morning. >> thanks, carl. good morning to you. >> talk about the collision between foreign and domestic policy. why is this important? >> well, first of all, i'm opposed to the president's program of military intervention in syria. but the reason is a different reason than most of the rest of them. that gets right down to the question you asked. our military's in -- this president has decimated our military in the last 4 1/2 years. and you remember that first budget that he had, he did away with our only fifth generation fighter, the f-22, did away with the c-17, did away with the future combat systems, ground-based intercepters, all of that. that was the first budget. and since that time, and you're fully aware of this, his extended budget takes an
ceiling and where to cut government spending. the next guest is proposing an amendment that exempts the defense department from sequestration if the u.s. strikes in syria. u.s. senator james inhofe of oklahoma joins us this morning from washington. senator, it's great to see you. good morning. >> thanks, carl. good morning to you. >> talk about the collision between foreign and domestic policy. why is this important? >> well, first of all, i'm opposed to the president's...
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Jan 7, 2013
01/13
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should we cut spending to raise the debt ceiling? it sounds logical. the debt ceiling is about spending that has already occurred. stop buying stuff so you do not have teacher bills. we have to pay the bills that have been incurred. if you want to say cut spending for what we do next, fine. you do not tie it the debt ceiling. >> should spending be tied to an increase on the debt limit? a tweet -- tom, arlington, texas, independent. caller: it is not so much what the government buys. it is how much the government pays for what they buys. . one common machine gun is $37 apiece. another is $47 apiece. i've thousand dollars apiece for assault rifles. maintenance cost of airplanes. who will pay that much money? host: how would you change things? caller: gets new vendors. more companies can manufacture stuff. nobody can build submarines for us other than general dynamics. they are building seven new destroyers at $7 billion apiece. host: what do you think about tying it to the limit in the debt limit increase? should we not increase the debt limit unless spe
should we cut spending to raise the debt ceiling? it sounds logical. the debt ceiling is about spending that has already occurred. stop buying stuff so you do not have teacher bills. we have to pay the bills that have been incurred. if you want to say cut spending for what we do next, fine. you do not tie it the debt ceiling. >> should spending be tied to an increase on the debt limit? a tweet -- tom, arlington, texas, independent. caller: it is not so much what the government buys. it is...
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Jan 2, 2013
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but i would say that maybe the argument about spending cuts and the debt ceiling will be more akin to what happened in 2011, because that is the very issue. and the s&p -- the downgrade came on this debate over spending. >> one of the great bond buying opportunities. of course, the federal reserve is making the free money you talk about, which is good for stocks. remember, 257 people voted in favor of the deal. the minority has held people hostage. i don't understand what the president, other than the constitutional challenge, is saying not negotiate. i think everybody in this country recognizes -- senator corker, such a voice of reason. medicare is out of control, social security is very expensive. they will have to be taxable. >> we have 1-plus trillion in deficits. this will raise $60 billion. 5% or 6% of our problem. i've been on the record of saying let's get through this deal, just so we can now focus on the stuff that actually matters. >> thank you. >> the average single income household will extract six times in medicare and social security what they pay in. solve that. >> yea
but i would say that maybe the argument about spending cuts and the debt ceiling will be more akin to what happened in 2011, because that is the very issue. and the s&p -- the downgrade came on this debate over spending. >> one of the great bond buying opportunities. of course, the federal reserve is making the free money you talk about, which is good for stocks. remember, 257 people voted in favor of the deal. the minority has held people hostage. i don't understand what the...
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Feb 21, 2013
02/13
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ceiling. fight on the sequester to say in nine days that they have wrangled, you know, a significant amount of cuts out of the obama administration, an administration they say doesn't want to cut spending and then going to the cr, that's the washington speak for the next budget at the end of march and then i think that's when you see the negotiations and republicans can say, look, we have banked the savings. sequester goes in to effect probably slowly. won't see the huge impacts and then the president out there with first responders and schoolteachers saying the sky is falling and i -- what i expect will happen is what the polls say has to happen. republicans have to come to the table and bring revenue and try to get some deal. if it continues on this path, really looking for a world of hurt for the rest of the year, i think. >> michael, i just want to point out toure doesn't read "the washington examiner." >> i read it every day. >> the key is wrong. i had it written down right and it's wrong
ceiling. fight on the sequester to say in nine days that they have wrangled, you know, a significant amount of cuts out of the obama administration, an administration they say doesn't want to cut spending and then going to the cr, that's the washington speak for the next budget at the end of march and then i think that's when you see the negotiations and republicans can say, look, we have banked the savings. sequester goes in to effect probably slowly. won't see the huge impacts and then the...
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Jan 15, 2013
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then, jean sperling is here with the debt ceiling debate. what that means for the economy as the house prepares to vote on a package for hurricane sandy victims. one republican congressman says we need to consider big budget cuts to pay for that. congressm congressman mick mulvanel will tell us about his big plans. first, we'll talk about facebook. julia boorstin is live with the latest on that. good morning. >> good mormg. i expect 120 reporters and bloggers to be here, to be facebook's big mystery announcement. the social network has done a great job. face book hasn't leaked a thing. i expect mark zuckerberg to unveil a new product, something to improve users''s experience rather than a back-end change. consider the priority that zuckerberg and sandberg are making, i don't think the announcement will be a facebook phone. whatever it is, you can bet there will be obvious implications for facebook's bottom lines. what are the options? a new app store, a new gaming platform to compete with zynga and lots of talk about facebook's work on a soc
then, jean sperling is here with the debt ceiling debate. what that means for the economy as the house prepares to vote on a package for hurricane sandy victims. one republican congressman says we need to consider big budget cuts to pay for that. congressm congressman mick mulvanel will tell us about his big plans. first, we'll talk about facebook. julia boorstin is live with the latest on that. good morning. >> good mormg. i expect 120 reporters and bloggers to be here, to be facebook's...
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Oct 11, 2013
10/13
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i'm not sure he's getting a long term victory except for maybe he restores this norm on the debt ceiling. the debt ceiling is no longer going to be a way to get other policy concessions for him. >> i certainly hope that is the norm that is reinforced here. but mark, i'm concerned. we're talking about a six-week debt ceiling extension. we're not talking about solving this problem. i saw a great idea from norm orren stein, instead of pushing the debt ceiling off, let's remove the threat of the debt ceiling and remove the ability for people to use the debt ceiling to take us hostage by using what mitch mcconnell proposed to get us out of the 2011 debt ceiling crisis and what he did and what's being called the mcconnell rule. he allowed the president to unilaterally raise the debt ceiling and congress can vote to disapprove. if the president wants the debt ceiling to be raised, he has to veto that measure and it could be overridden by two thirds of both houses. is there any sort of talk or discussion of some way of actually taking away this debt ceiling threat for the longer term? >> i think
i'm not sure he's getting a long term victory except for maybe he restores this norm on the debt ceiling. the debt ceiling is no longer going to be a way to get other policy concessions for him. >> i certainly hope that is the norm that is reinforced here. but mark, i'm concerned. we're talking about a six-week debt ceiling extension. we're not talking about solving this problem. i saw a great idea from norm orren stein, instead of pushing the debt ceiling off, let's remove the threat of...
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Jan 9, 2013
01/13
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, over the budget, over the debt ceiling. this is where jack lew's experience and knowledge can come in and i would expect, sue, and tyler, that he would be confirmed pretty easily. even though he has tough questioning at confirmation. >> let's bring in steve liesman. he is low drama, low confrontation. he doesn't have wall street regulatory. who is lew? >> i think the first theng i will do is begin the series of puns beginning with jack lew's name. let me say more about jack lew, we call this one, you don't know jack. >> of course you do. >> this is a financial education. beginning with harvard and georgetown. but that never disqualified anybody. tip o'neill 93 and '94, special to president clinton. and that's what john harwood was talking about. incredible expertise with the budget. moving on in 2006, new york university as executive advice president. then a stint at citigroup. first at global wealth management and next in a controversy by the way that comes up with a large bonus he got while citigroup was getting tart mone
, over the budget, over the debt ceiling. this is where jack lew's experience and knowledge can come in and i would expect, sue, and tyler, that he would be confirmed pretty easily. even though he has tough questioning at confirmation. >> let's bring in steve liesman. he is low drama, low confrontation. he doesn't have wall street regulatory. who is lew? >> i think the first theng i will do is begin the series of puns beginning with jack lew's name. let me say more about jack lew,...
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Sep 12, 2013
09/13
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i think the debt ceiling should be raised and spending should be cut to offset it. jim, 350 economists back janet yellen for fed head. i've never seen anything like this fighting. they put up a list. you have allen blinder, christina rome, you have all kinds of famous economists, male and female. 350 backing janet yellen. what do you make of this, jim p. >> now we know there are 350 economists that barack obama doesn't really care what their opinion is. he really doesn't. listen, economists and chiefs of this administration is barack obama. he apparently has his heart dead set on larry summers. he's no quantity, no surprises. the friends of larry are very powerful in his administration. they'll ignore the 350 economist list. >> dead set for larry summers? >> people talk about this like it's a done deal. we really don't know. it's like they've already seen the smoke coming out of the chimney in the vatican. if it doesn't work out that way, i agree with jimmy. there's one person who matters here, and it's barack obama. i will say that i don't think barack obama will s
i think the debt ceiling should be raised and spending should be cut to offset it. jim, 350 economists back janet yellen for fed head. i've never seen anything like this fighting. they put up a list. you have allen blinder, christina rome, you have all kinds of famous economists, male and female. 350 backing janet yellen. what do you make of this, jim p. >> now we know there are 350 economists that barack obama doesn't really care what their opinion is. he really doesn't. listen,...
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Jan 7, 2013
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even as the lines are drawn in the battle over spending cuts and the debt ceiling. and then there is earning season. kicks off tomorrow with alcoa. >> banks in the spotlight this morning, bank of america settling with fannie mae with mortgages it underwrote during the housing boom. citi submitting to the feds. >> revising up, gdp forecast to 8-1, saying investing in the mass market stocks is the way to go. >> potential cuts at the magic kingdom reports disney's got internal cost-cutting review under way. >> the question of the day, can the new year rally continue. last week the s&p jumped 4.6% to a new five-year high. not only is wall street looking ahead to earnings season, beginning with alcoa tomorrow, but paying close attention to the battle over the debt ceiling and spending cuts. the big debate over whether more revenue increases should be on the table. >> the tax issue is finished, over, completed. that's behind us. now the question is, what are we going to do about the biggest problem confronting our country and our future. and that's our spending addiction.
even as the lines are drawn in the battle over spending cuts and the debt ceiling. and then there is earning season. kicks off tomorrow with alcoa. >> banks in the spotlight this morning, bank of america settling with fannie mae with mortgages it underwrote during the housing boom. citi submitting to the feds. >> revising up, gdp forecast to 8-1, saying investing in the mass market stocks is the way to go. >> potential cuts at the magic kingdom reports disney's got internal...
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May 1, 2013
05/13
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tax cut in spending bill against the debt ceiling. i said if everybody did that, there'd be anarchy. that was the all-time. >> when i put the question to your palace. how would the panel qualified the roi of the stimulus investment? you want to take that first? >> a lot of my recommendations.with the agencies better evaluate the effect of the stimulus money, including transportation area another area. the controls prevent fraud and abuse, but there wasn't enough in my emasculation evaluation of a program by program basis with the results really were that period of time. >> let's look at the macro level. in january when the president was sworn in, the economy was dropping at a negative 5.9 debate. number two, almost 800,000 americans lost their job and not on. so sequester receptors nature or during february, hope the recovery bill. the recovery bill clearly had in fact stopping the freefall in turning the corner in the right direction. you have to look at the chart of the pattern or the economy was going like this and turned and began
tax cut in spending bill against the debt ceiling. i said if everybody did that, there'd be anarchy. that was the all-time. >> when i put the question to your palace. how would the panel qualified the roi of the stimulus investment? you want to take that first? >> a lot of my recommendations.with the agencies better evaluate the effect of the stimulus money, including transportation area another area. the controls prevent fraud and abuse, but there wasn't enough in my emasculation...
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Oct 7, 2013
10/13
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ceiling and shutdown debacle. ethan harris cutting his q 3, q 4 growth forecast in part because of the direct hit and the confidence hit we have seen from the shutdown. the longer the shutdown continues, the more that math matt cli, this is just math, is going to weigh on government spending in terms of the portion of gdp into year end and 2014. one reason why the fed is less likes likely to start tapering now because it doesn't have the same economic data it usually has. there is down side risks because of everything coming out. you can see that into the market. i want to make another point about what we are seeing as we head toward the possible breach of the debt ceiling. maybe it is not going to be october 17th. maybe the big payments don't come until november 1st. the bottom line is, the longer this goes on, the more it gets wrapped up into the need or a grand resolution or whatever, the more likely this drag will persist. no one in the market. we are in this kind of weird situation where the status quo is the
ceiling and shutdown debacle. ethan harris cutting his q 3, q 4 growth forecast in part because of the direct hit and the confidence hit we have seen from the shutdown. the longer the shutdown continues, the more that math matt cli, this is just math, is going to weigh on government spending in terms of the portion of gdp into year end and 2014. one reason why the fed is less likes likely to start tapering now because it doesn't have the same economic data it usually has. there is down side...
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Jan 10, 2013
01/13
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ceiling is if we get the cuts we want in social security and medicare which as you pointed out they'll come back with that. do you think the president would have the authority under the 14th amendment to raise the debt ceiling on his own without waiting for congress? >> yes i do believe it has the authority but unfortunately the president made it clear he will not use the authority. i don't know whether he really believes he has it. he has made it clear he won't do it. >> bill: too bad. it would have been nice to see him issue that threat. >> peter: congressman, i want to ask you about a topic that's been gaining traction here in recent weeks. >> bill: one way to solve the debt ceiling problem. >> peter: one way to solve the debt ceiling problem is for the treasury to create a coin and deem it worth $1 trillion. it is the mint a coin campaign and use that to pay down our deficit. the white house yesterday was asked about it. they didn't rule it out. what's your take on that, congressman? is that something that we could possibly look at and even go down that path? >> i think we should l
ceiling is if we get the cuts we want in social security and medicare which as you pointed out they'll come back with that. do you think the president would have the authority under the 14th amendment to raise the debt ceiling on his own without waiting for congress? >> yes i do believe it has the authority but unfortunately the president made it clear he will not use the authority. i don't know whether he really believes he has it. he has made it clear he won't do it. >> bill: too...
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Dec 12, 2013
12/13
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for low income people, the budget, and the debt ceiling him and then you will start to see -- >> ralph schlosstein, thank you. ♪ >> good morning, everyone. "bloomberg surveillance." i'm tom keene. and ever-a stronger euro. into the new year, that is a big story. strong, strong euro. what that means for the united states. ralph schlosstein with us, chief executive of a sort -- officer at evercore partners. alix has top headlines. >> the united states may hit the ukraine with sanctions after the country crackdown on protesters. a state department spokeswoman says that all policy options including sanctions are "on the table." in kiev, protests continued in independence square. protesters rejecting a request to meet with the ukrainian president unless you promises not to -- unless he promises not to use force. lies inandela's body state in pretoria, where thousands are waiting hours to get a glance of the late leader. the third and final day of reviewing is tomorrow. the faa is phasing out indiscriminate use of antibiotics in meat. experts say that the pracce is behind the rise in resis
for low income people, the budget, and the debt ceiling him and then you will start to see -- >> ralph schlosstein, thank you. ♪ >> good morning, everyone. "bloomberg surveillance." i'm tom keene. and ever-a stronger euro. into the new year, that is a big story. strong, strong euro. what that means for the united states. ralph schlosstein with us, chief executive of a sort -- officer at evercore partners. alix has top headlines. >> the united states may hit the...
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Jan 15, 2013
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the american people do not support raising the debt ceiling without reducing government ceiling at the same time. they speak so confident, don't they? it is almost as if they forget about the spending cuts the president already gave them over a year ago. let's try to help them figure it out a little bit with visual and audio assistance. >> i signed into law $1.4 trillion in spending cuts. two week ago, i signed a bill into law regarding revenue, by making sure the wealthiest americans begin to pay their fair share. when you add the money and the interest payments on the debt, that adds up to about $2.5 trillion in deficit reduction over the past two years, not counting the $400 billion saved from winding down the wars in iraq and afghanistan. so we have made progress. >> didn't president clinton say it was all about math? republicans can posture on the debt ceiling all they want. they know the truth. listen to john boehner two years ago. >> do you agree that defaulting on the full faith and credit of the united states would be a financial disaster? >> that would be a financial disaster
the american people do not support raising the debt ceiling without reducing government ceiling at the same time. they speak so confident, don't they? it is almost as if they forget about the spending cuts the president already gave them over a year ago. let's try to help them figure it out a little bit with visual and audio assistance. >> i signed into law $1.4 trillion in spending cuts. two week ago, i signed a bill into law regarding revenue, by making sure the wealthiest americans...
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Oct 11, 2013
10/13
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republicans want to increase the debt ceiling and end the government shutdown, but give government agencies some flexibility on how their budgets are spent. remember, they're still spending at the 10% across the board cut levels from the sequester in exchange what they want from mr. obama is a repeal or replacement of the medical device taxes that republicans say would be driving business overseas, and want to make people who join the insurance exchanges make sure that they qualify for the subsidies they get for them. so they want to verify their income. the president may see this as a fix, as opposed to an attempt to repeal or replace obama saturday. he always said he is willing to look at fixes. on the house side, on the other hand, republicans want to extend the debt ceiling temporarily, but then they want what one calls serious negotiations on spending before or as they rae open the government. senate majority leader harry reid said that's a nonstarter. the white house indicated the president might be willing to extend the debt ceiling and leave the government shutdown, but after meetin
republicans want to increase the debt ceiling and end the government shutdown, but give government agencies some flexibility on how their budgets are spent. remember, they're still spending at the 10% across the board cut levels from the sequester in exchange what they want from mr. obama is a repeal or replacement of the medical device taxes that republicans say would be driving business overseas, and want to make people who join the insurance exchanges make sure that they qualify for the...
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Jan 9, 2013
01/13
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. >> well, tell me if you're a member of congress and we're faced with this debt ceiling and people are starting to talk about cutting back medicare, which is the better bargain? and which is better for the people who need it? >> well, at the end of the day, if you have a medication that can improve the lot of people with these terrible diseases, that is a lot cheaper in the long run than paying for all of the hospital care and other care that you're going to need down the road as these people have their chronic conditions. in fact, investing in good medicines that really deliver value to the patient is an economically important way to go. that's a smart way to go. >> and it has to be the same for cerebral palsy, i have to believe. you've got a 20-person trial going on right now. you don't know what the results are. but 400,000 people have this. if you have a pill that could make people to be more physically in control of their lives, i have to believe that's a bargain for america and it's great for the people. >> couldn't have said it better myself, absolutely. >> now, how about epilep
. >> well, tell me if you're a member of congress and we're faced with this debt ceiling and people are starting to talk about cutting back medicare, which is the better bargain? and which is better for the people who need it? >> well, at the end of the day, if you have a medication that can improve the lot of people with these terrible diseases, that is a lot cheaper in the long run than paying for all of the hospital care and other care that you're going to need down the road as...
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Jan 2, 2013
01/13
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at the same time the problems with this bill are, it doesn't do anything about the debt ceiling, kicks that can down the road to use another phrase we're note supposed to use anymore. it doesn't do anything about the sequester cuts half in defense and half in social programs. we're going to be fighting over that again in another month. it also defines middle class -- this is what i just can't understand -- defines middle class as a couple making $450,000 a year. [ laughter ] >> bill: the median income in this country is $50,000, right? >> yeah. >> bill: so how can you possibly say up to $450,000 are middle class and deserve a tax break? so it is a mess. i would have voted for it. but what do you think about this deal 866-55-press -- by the way the other bad part payroll taxes are going to go up. and congress itself -- how much more broken can congress get than it is right now? they have known -- they had to deal with this for a year and a half. it was clear that they had to approve new revenue and a combination of new revenue and new spending cuts. it was clear we could not afford to c
at the same time the problems with this bill are, it doesn't do anything about the debt ceiling, kicks that can down the road to use another phrase we're note supposed to use anymore. it doesn't do anything about the sequester cuts half in defense and half in social programs. we're going to be fighting over that again in another month. it also defines middle class -- this is what i just can't understand -- defines middle class as a couple making $450,000 a year. [ laughter ] >> bill: the...
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Oct 16, 2013
10/13
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until the debt ceiling deadline. the ball is back in the senate's court this morning. meantime, fitch has put its triple a rating on negative watch meaning a downgrade could be in the offing. warren buffett weighed in earlier this morning on "squ "squawk." >> the led not to raise the debt ceiling after you've raised the money is really a political weapons of mass destruction. >> jim calls it akin to a poisonous gas, asanine to destroy your reputation after a couple of years. >> i don't think what buffett says means anything to the people who are against this deal. >> you never hear anyone from the other side. i think we're a three-party system. you never hear anyone from the third party -- how about we call this many patriots. what matters right now is we got to do this debt ceiling no matter what. i hear the patriot party saying we're all about the sol vevency our nation and -- >> the patriot party may not have a choice in the matter if we do get mcconnell and reid to present a compromised package to their caucuses
until the debt ceiling deadline. the ball is back in the senate's court this morning. meantime, fitch has put its triple a rating on negative watch meaning a downgrade could be in the offing. warren buffett weighed in earlier this morning on "squ "squawk." >> the led not to raise the debt ceiling after you've raised the money is really a political weapons of mass destruction. >> jim calls it akin to a poisonous gas, asanine to destroy your reputation after a couple of...
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Jan 31, 2013
01/13
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every dollar increase in the debt ceiling. those amendments expected to be defeated. the bill won't technically raise the debt ceiling, but it will suspend it until may 19th when it will be raised by the amount that the treasury borrows in the interim. that's how it's going to work. and markets, as we've been talking about on a tear this month with the dow having its best january in decades. but will yesterday's surprising drop in gdp reign in the bulls, it says here? let's get a read on the state of the economy. at least it wasn't a -- that kind of rein. there's three of them. anyway, joining us for the next hour is bob bruska. that's fao -- >> no. you cannot. >> fao economics. as becky said at the top, things are going to go really well or the market is going to have an '87 crash. >> i like the binary outlook. >> everything you said was so good until you gout to that point. >> he usually wears one of these very clever ties. >> i'm not going to give him any -- >> there you go, joe. >> you didn't forget because you are getting
every dollar increase in the debt ceiling. those amendments expected to be defeated. the bill won't technically raise the debt ceiling, but it will suspend it until may 19th when it will be raised by the amount that the treasury borrows in the interim. that's how it's going to work. and markets, as we've been talking about on a tear this month with the dow having its best january in decades. but will yesterday's surprising drop in gdp reign in the bulls, it says here? let's get a read on the...
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May 9, 2013
05/13
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ceiling to cut medicare or to cut taxes more for the rich. they are focusing on what the ransom should be for allowing the federal government to pay its bills. even before they know what they want, they are willing to risk the financial crisis to get it. and that is deeply irresponsible and will not happen. it is absurd that we are even having this conversation. republicans realize last time that they tried this how dangerous it was to be playing games with the debt ceiling and how politically damaging it would have been to cause that kind of economic calamity. they dropped their demands, it died, and no amount of wishing from the tea party will bring it back now. the republican strategy of holding the economy hostage in trying to push this budget conference to when we have a crisis again it is absolutely the wrong approach. it is not sustainable and it needs to stop. we are ready to sit down, we are ready to negotiate, we are ready to make some tough decisions. we are ready to go to work. we see no reason to wait until the next crisis. we th
ceiling to cut medicare or to cut taxes more for the rich. they are focusing on what the ransom should be for allowing the federal government to pay its bills. even before they know what they want, they are willing to risk the financial crisis to get it. and that is deeply irresponsible and will not happen. it is absurd that we are even having this conversation. republicans realize last time that they tried this how dangerous it was to be playing games with the debt ceiling and how politically...
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Jan 24, 2013
01/13
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so on top of keeping this debt ceiling cloud over the economy, they're talking about these across-the-board meat ax cuts that will also hurt the economy, when we should be focused on jobs and economic growth. >> congressman chris van hollen, good to have you with us tonight on "the ed show." >> good to be with you. thank you. >> there is a lot more coming up in the next half hour of "the ed show." stay with us. ted nugent goes off the deep end. >> the barack obama gang attempting to reimplement the tyranny of king george. >> we'll show you what he and his buddies will be up against. >>> we all pay a transaction tax every day, but not the fat cats on wall street. david cay johnston tells us how it could make a dig difference. >>> and next, vermont senator bernie sanders will tell us if the senate filibuster rules are about to change. >>> welcome back to "the ed show." at this hour, there is still no finalized deal between democrats and republicans on filibuster reform in the senate, but new details are coming out. but no matter what happens, it looks like the all important talking filibuster
so on top of keeping this debt ceiling cloud over the economy, they're talking about these across-the-board meat ax cuts that will also hurt the economy, when we should be focused on jobs and economic growth. >> congressman chris van hollen, good to have you with us tonight on "the ed show." >> good to be with you. thank you. >> there is a lot more coming up in the next half hour of "the ed show." stay with us. ted nugent goes off the deep end. >> the...
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Mar 22, 2013
03/13
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and republicans said if you are going to raise the debt ceiling they still want the same amount of cuts to go through. president obama has made it very clear to house republicans he is not going to negotiate on debt ceiling, just pass it clean, but they are probably going to put up a fight. >> bill: democrats last time made a lot of political hay, by taking the ryan budget and hanging it republican's necks. and they are going to do that this time? >> i am told they are making at it central focus of the 2014 campaign. however, republicans -- remember what happened last time. and they are trying to get out in front now. this budget balances the budget in ten years. they are confidence the balanced budget message will resinate with the american people. and so there are the first television ads using the balanced budget message as their key point in new york and florida. >> bill: interesting they would pick new york and florida. here is what one of those ads -- and everybody does this. they'll run the ad on cable television, probably limited by but they get a got of free publicity for it li
and republicans said if you are going to raise the debt ceiling they still want the same amount of cuts to go through. president obama has made it very clear to house republicans he is not going to negotiate on debt ceiling, just pass it clean, but they are probably going to put up a fight. >> bill: democrats last time made a lot of political hay, by taking the ryan budget and hanging it republican's necks. and they are going to do that this time? >> i am told they are making at it...
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Jan 15, 2013
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however fitch does add it expects congress will ultimately approve a debt ceiling increase. also this morning the postal service plans to speed up cost-cutting and revenue boosting measures. not saying exactly what steps it's going to take although it does plan to reveal them at a later time. the service has been waiting for congressional legislation to put it on more sound financial footing. but lawmakers have been occupied with the fiscal cliff, the debt ceiling, and other pressing issues. and finally radio shack is ending its mobile phone partnership with target. the venture has been unprofitable and radio shack has been unable to negotiate more favorable terms. >>> as you know, the house is set to vote today on a $51 billion superstorm sandy package that has already turned in to a bitter battle over spending. joining us now is congressman frank pallone, who represents the sixth district of new jersey, one of the hardest-hit areas of the jersey shore during the late october storm. and congressman, thank you for being here. this was a late october storm. we are now in janu
however fitch does add it expects congress will ultimately approve a debt ceiling increase. also this morning the postal service plans to speed up cost-cutting and revenue boosting measures. not saying exactly what steps it's going to take although it does plan to reveal them at a later time. the service has been waiting for congressional legislation to put it on more sound financial footing. but lawmakers have been occupied with the fiscal cliff, the debt ceiling, and other pressing issues....
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Sep 26, 2013
09/13
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but tying spending cuts to the debt ceiling fight is less controversial than you think. bloomberg came out with a poll today that found that 61% of americans, they want to see some federal spending cuts if we're going to raise the debt ceiling. only 28% of the public agrees with the president and the democrats' position that it should be quote/unquote a clean debt ceiling raise wows any kind of reforms. there's another piece of polling data the president has his eye on, the fact his approval ratings are the lowest they've been in a year and a half. cbs finds it at 43%. when it comes to the economy, only 41%. so i think that debt ceiling negotiation is really an opportunity, really, for the president to get onboard with the american people and start to make major reforms to out of control spending and a very unpopular health care law. >> but how much of that, to my question, how much of that do you think the republicans really think will go through? and why do you think they're doing this? >> well, i think they're trying to hold the democrats' feet to the fire on issues t
but tying spending cuts to the debt ceiling fight is less controversial than you think. bloomberg came out with a poll today that found that 61% of americans, they want to see some federal spending cuts if we're going to raise the debt ceiling. only 28% of the public agrees with the president and the democrats' position that it should be quote/unquote a clean debt ceiling raise wows any kind of reforms. there's another piece of polling data the president has his eye on, the fact his approval...
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Jan 14, 2013
01/13
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in other words, every dollar you increase the debt ceiling for, we want a dollar of spending cuts. well, that's going to be very, very difficult to get for the democratic side. >> we will keep this conversation going in the coming weeks. i also have economist ben stein, he'll be sitting next to me in l.a. we'll talk about the repercussions of this whole thing. gloria borger, ali velshi, thanks, guys. >> sure. >>> today, today marks exactly one month since a gunman killed those 20 children and six adults at sandy hook elementary school in newtown, connecticut. and a town hall meeting just this morning marked the somber occasion with a grassroots effort called the sandy hook promise. the group's objective is this, they want to find the most appropriate way to honor the victims and to seek ways to prevent future massacres. n >> it is a sad honor to be here today, it has been one month since i lost my son dylan and 25 other families lost their loved ones. at times it feels like only yesterday and at other times it feels as if many years has passed. i still find myself reaching for dyla
in other words, every dollar you increase the debt ceiling for, we want a dollar of spending cuts. well, that's going to be very, very difficult to get for the democratic side. >> we will keep this conversation going in the coming weeks. i also have economist ben stein, he'll be sitting next to me in l.a. we'll talk about the repercussions of this whole thing. gloria borger, ali velshi, thanks, guys. >> sure. >>> today, today marks exactly one month since a gunman killed...
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Oct 25, 2013
10/13
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. >> i agree with john, it's less likely we have a shutdown and debt ceiling crisis but it's not clear how we get to a deal on funding the government. and then you've got the sequester spending cuts probably stay in. that's bringing growth down 1 .5%, where it would be more beneficial to the economy to do longer term deficit reductions and then you have stuff not getting.com done, immigration reform, corporate tax reform. i'd say washington haven't quite killed the economy but it's worse than it should be. >> what's your reaction? >> i yield to no one in arguing, yes, ben is 100% right. of course, congress has been extremely destructive to the economy, whether it's fiscal drag or uncertainty lurching from crisis to crisis. that said, once you take the bar down really far you might be able to get over it. taking off from where john harwood was a second ago. i do see a small deal possibly in the making that revolves replacing some 2014 sequester cuts in ways that would diminish some of that fiscal drag and help the economy in 2014 and offsetting costs with back-loaded cuts of the type jo
. >> i agree with john, it's less likely we have a shutdown and debt ceiling crisis but it's not clear how we get to a deal on funding the government. and then you've got the sequester spending cuts probably stay in. that's bringing growth down 1 .5%, where it would be more beneficial to the economy to do longer term deficit reductions and then you have stuff not getting.com done, immigration reform, corporate tax reform. i'd say washington haven't quite killed the economy but it's worse...
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Sep 18, 2013
09/13
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ceiling. they will look at a one-year obama care delay. tax reform instructions, approval of the keystone pipeline, nonhealth care spending reforms or cuts or health care spending or cuts. that's on table for house republicans as they plan to make their opening offer and the treasury secretary jack lew says they have until the middle of october. >> the president said he's not negotiating at all. so the options are maybe on the table, but the president says we're not talking, is that right? >> this is what house republicans are looking at for their opening offer in a negotiation, the president says he won't have. >> got it, rich, thank you very much indeed. >> the tech industry, yeah, great at creating wealth. really great. lousy at creating jobs. case in point, twitter, its ipo is expected to be worth billions and billions of dollars, but the company employs about 1,000 people. telly whitney, ceo of the boring institute -- borg institute. would you make my premise, tech creates wealth, doesn't
ceiling. they will look at a one-year obama care delay. tax reform instructions, approval of the keystone pipeline, nonhealth care spending reforms or cuts or health care spending or cuts. that's on table for house republicans as they plan to make their opening offer and the treasury secretary jack lew says they have until the middle of october. >> the president said he's not negotiating at all. so the options are maybe on the table, but the president says we're not talking, is that...
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Jan 15, 2013
01/13
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he said trimming the budget deficit should be a different discussion separate from the debt ceiling. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills, and we are not a deadbeat nation. >> clearly house speaker john boehner thinks differently. he responded by saying, quote, the american people do not support raising the debt ceiling without reducing government spending at the same time. >>> these pens are designed to be used only by one person, but an investigation discovered that many of them were used on multiple people. >>> are you in hawaii or going there anytime soon? surfers, beware. check out this video. it's a real-life jauss. two sharks were swimming dangerously close to the show. can you believe it? look at that. you could wade in and be bitten, eaten. last year there were a total of 11 shark attacks in hawaii. >> that's what i call dangerously close. >> oh, my goodness. >> so some people in the southeast waking up to the dual danger of flooding and ice. alexandra steele in the weather center. good morning. >
he said trimming the budget deficit should be a different discussion separate from the debt ceiling. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills, and we are not a deadbeat nation. >> clearly house speaker john boehner thinks differently. he responded by saying, quote, the american people do not support raising the debt ceiling without reducing government spending at the same time. >>> these pens are...
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Oct 4, 2013
10/13
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congress has until october 17th to raise the government's debt ceiling, or face national default. that's prompted growing speculation that lawmakers could try to merge the two issues in a renewed quest for a grand bargain. speaker boehner said today republicans will insist on spending cuts if they're going to vote to raise the borrowing limit. >> i don't believe that we should default on our debt. it's not good for our country. but after 55 years of spending more than what you bring in, something ought to be addressed. this year we'll have more revenue than any year in the history of our country and yet still have a nearly $700 billion deficit. and i think the american people expect if we're going to raise the amount of money we can borrow, we ought to do something about our spending problem and the lack of economic growth in our country. >> reporter: for his part, president obama said again he'd be willing to negotiate on spending cuts and other issues, but only after the government reopens. in the meantime, the president, citing the shutdown and the debt ceiling fight, canceled
congress has until october 17th to raise the government's debt ceiling, or face national default. that's prompted growing speculation that lawmakers could try to merge the two issues in a renewed quest for a grand bargain. speaker boehner said today republicans will insist on spending cuts if they're going to vote to raise the borrowing limit. >> i don't believe that we should default on our debt. it's not good for our country. but after 55 years of spending more than what you bring in,...
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lori: so as we approach this battle over spending cuts with regard to the debt ceiling we know that jack lew has been sympathetic, supportive of president and his agenda, supporting entitlements, supporting spending and what not. so what's your take whether or not we'll get meaningful spending cuts with a treasury secretary like jack lew? >> well, i think when you look at jack lew's background and compare him to say tim geithner, the present treasury secretary what you see is a couple things. one, this is a guy who knows capitol hill very well. he has spent a lot of years on the congressional staff. all of it working for democrats. he worked for tip o'neill. he worked for joe moakly. unlike tim geithner who never worked on capitol hill he has a sense how to get deals done in congress. secondly he comes from the liberal wing of the democratic party. i talked to him when i worked on my book about the budget, red ink, last year. he believes in the power of government. he is not going to be very sympatico with people like paul ryan who believe the whole role of the budget exercise is to shri
lori: so as we approach this battle over spending cuts with regard to the debt ceiling we know that jack lew has been sympathetic, supportive of president and his agenda, supporting entitlements, supporting spending and what not. so what's your take whether or not we'll get meaningful spending cuts with a treasury secretary like jack lew? >> well, i think when you look at jack lew's background and compare him to say tim geithner, the present treasury secretary what you see is a couple...